Is there a minimum age for contributing to an RRSP?
Under the Income Tax Act, there’s no minimum age for contributing to an RRSP – if you have available contribution room While there is no minimum age for contributing to an RRSP, not all financial institutions allow a minor to open an RRSP – even with parental consent..
However, your age can mean there are some restrictions to how you contribute or use an RRSP:
- Only RRSP holders aged 18 and over can make an excess contribution (limited to $2,000).
- Some financial institutions also have product and investment restrictions. For example, you can’t hold a mutual fund in an RRSP until you reach the age of majority in your province.
- Provincial laws have age requirements for owning property so you may not be able to use the Home Buyer’s Plan from your RRSP as a minor.
Connect with a Sun Life advisor for more detailed information
Is there a maximum age for contributing to an RRSP?
The end of the year you turn age 71 years old is the last day that you can contribute to any RRSP that you own. After that day, you can no longer own an RRSP, much less contribute to one.
However, you may contribute to your spouse or common law partner’s spousal RRSP if they’re a year or more younger than you, until the end of the year they turn age 71 (this is provided you have available RRSP contribution room).
Learn more about spousal RRSPs